#1
Link the video and the comment, it's fun



https://www.youtube.com/watch?v=D2ZR9a_vvfk

Hitler, of course, privatized the banks.

http://www.ub.edu/graap/nazi.pdf Starting on page 6:

Banking: Before the crash of 1929, publicly owned commercial banks accounted for at least 40 per cent of the total assets of all banks (Stolper 1940, p. 207), and one of the five big commercial banks, the Reichs-Kredit-Gesellschaft, was publicly owned. The state was involved in the reorganization of the sector after the bank crash in 1931 with an investment of about Rm. 500 million (Ellis, 1940, p. 22), and most of the big banks came under state control. Estimates made before the Banking Inquiry Committee in 1934 by Hjalmar Schacht, president of the Reichsbank and Minister of Economy, stated that around 70 per cent of all German corporate banks were controlled by the Reich (Sweezy, 1941, p. 31). Through the Reich or the Golddiskontbank, the government owned significant stakes in the largest banks:10 38.5 per cent of Deutsche Bank und Disconto-Gesellschaft (Deutsche Bank henceforth), 71 per cent of the Commerz und Privatbank (Commerz-Bank henceforth) and 97 per cent of the capital of Dresdner-Bank. The Commerz-Bank was reprivatized through several share sales in 1936-37. These shares amounted to Rm. 57 million, and the largest single transaction was a sale of Rm. 22 million in October 1936.12 Deutsche Bank was reprivatized in several operations effectively implemented in 1935-37. The largest was the repurchase in March 1937 of shares still held by the Golddiskontbank. These shares amounted to Rm. 35 million and Deutsche Bank placed them among its clients. In total, the reprivatization of Deutsche Bank shares amounted to Rm. 50 million. Finally, the Dresdner Bank was also reprivatized in several shares sale in 1936-37. These shares amounted to Rm. 141 million, and the largest single sale was of Rm. 120 million in September 1937.

Edited by Parenti ()

#2
Lord Of frog
#3
That was great. I'm looking forward to next year's thread.
#4
the cool thing about having a working knowledge of Marxist Political Economy is that you not only have a very solid theory with broad explanatory powers, but you also get good at comparative economic theory, and can discuss the strengths and weaknesses of other theories while understanding why certain segments are attracted to them (Ideology!)

so frogboys develop this tenuous mix of Austrian econ and Protocols of the Learned Elders to explain the economy, which naturally leads to Federal Reserve bashing and an understanding that fiat currency is all a vast Judeo-Bolshevik plot

not only does this ignore the reality of Nazi Germany's economy (as Not Parenti demonstrated), but also misses that the Federal Reserve's macro policies have been keeping the US economy on life support since 2009. overall productive investment is at a standstill -- firms are sitting on piles of cash, but refuse to invest it.

meanwhile, an overheated Dow Jones crashes because of a report on increased wages. markets all over the globe get spooked... except in China??? which is doing fine??? predicting "man, ANY DAY now China is going to hit the wall, boy that will be sweet" has been a pasttime of mainstream economists since at least 2007. but we're now entering Year 10+, poverty is down, and growth shows no signs of slowing down. now said economists are writing articles with headlines like "Maybe China is Immune to the Laws of Economics?" and are getting antsy about another US recession, which would make it 2-0 China

#5

shapes posted:

"Maybe China is Immune to the Laws of Economics?"


No don't worry guys it's cool, phlogiston theory still works if you just keep adding exceptions each time it gets contradicted by material evidence, everything is fine

#6
Mysterious Eastern Magics Defy Luminiferous Aether
#7

shriekingviolet posted:

shapes posted:

"Maybe China is Immune to the Laws of Economics?"

No don't worry guys it's cool, phlogiston theory still works if you just keep adding exceptions each time it gets contradicted by material evidence, everything is fine



i like phlogiston theory and they were on the right track, before atomic theory. this is from wiki so apologies

Growing plants then absorb this phlogiston, which is why air does not spontaneously combust and also why plant matter burns as well as it does... In general, substances that burned in air were said to be rich in phlogiston; the fact that combustion soon ceased in an enclosed space was taken as clear-cut evidence that air had the capacity to absorb only a finite amount of phlogiston. When air had become completely phlogisticated it would no longer serve to support combustion of any material, nor would a metal heated in it yield a calx; nor could phlogisticated air support life. Breathing was thought to take phlogiston out of the body.



replace 'phlogiston' with carbon+energy and you can follow the reasoning pretty much

this post is the first annual 'dumb comments on science analogies' post

#8

toyotathon posted:

shriekingviolet posted:

shapes posted:

"Maybe China is Immune to the Laws of Economics?"

No don't worry guys it's cool, phlogiston theory still works if you just keep adding exceptions each time it gets contradicted by material evidence, everything is fine

i like phlogiston theory and they were on the right track, before atomic theory. this is from wiki so apologies

Growing plants then absorb this phlogiston, which is why air does not spontaneously combust and also why plant matter burns as well as it does... In general, substances that burned in air were said to be rich in phlogiston; the fact that combustion soon ceased in an enclosed space was taken as clear-cut evidence that air had the capacity to absorb only a finite amount of phlogiston. When air had become completely phlogisticated it would no longer serve to support combustion of any material, nor would a metal heated in it yield a calx; nor could phlogisticated air support life. Breathing was thought to take phlogiston out of the body.



replace 'phlogiston' with carbon+energy and you can follow the reasoning pretty much

this post is the first annual 'dumb comments on science analogies' post



Thanks nerd.

#9

shapes posted:

so frogboys develop this tenuous mix of Austrian econ and Protocols of the Learned Elders to explain the economy, which naturally leads to Federal Reserve bashing and an understanding that fiat currency is all a vast Judeo-Bolshevik plot



Yeah, the Fed is another area that seems to bottle-neck comprehension for a lot of people. You ask them, well why is the Fed bad? What does it do? It changes interest rates when wages start to go up, its function is at least partially to keep wages down, and they admit this. Well, who wants wages to stay down? People who pay wages! Wages cut into their profits. So whose interests, as a class, does the Federal Reserve protect? The ruling class!

Then of course you have to get people to understand who the ruling class is, but if you can boil it down to "people who pay wages" it gets manageable.

Like my signature says though, from the mouth of Michael (pbuh), there's a lot of people pushing the mass line to cover up the class line. Ya' need a class analysis gang, or yer going nowhere.

#10
youtube comment debunker
#11

tears posted:

youtube comment debunker



This but unironically.

#12
Project idea: Let's debunk all incorrect youtube comments.
#13
i will not
#14
Ban YouTube imo
#15
don’t make verrit for youtube
#16

Dimashq posted:

Ban YouTube imo



Ban You Tu heh

#17
are you even the real Michael Parenti
#18

toyotathon posted:

are you even the real Michael Parenti



No

#19
mods please change Parenti's name to The Youtube COmment Reader
#20
lmao is Michael parenti's facebook display pic really him touching his chin thoughtfully that's amazing

Parenti is the best

Edited by Belphegor ()

#21
sensational thread OP, those youtube guys wont know what hit them
#22
i just got back, from youtube, and let me tell you, i was owned
#23
i was also owned. i dont know all the different names for logical fallacies
#24

Dimashq posted:

Ban YouTube imo


#25
#26
A loud reminder that bullying shouldn't be tolerated.
#27
lol